CanadianMunger

A true original. Thanks for sharing your wisdom all these years Charlie. Rest in peace.

As usual, the best take around.

gfp - Your explanation looks spot on, great post. I can't recall Berkshire initiating a management change of an acquisition this quickly before(?) so yeah it looks like they weren't happy being gamed. edit: imo, gfp your commentary on Berkshire has the most signal to noise ratio and that includes the greats such as mungo and rationalwalk among others. I always look forward to reading your posts - thanks sir!

Royal Bank of Canada injects cash into US subsiduary: https://finance.yahoo.com/news/2-rbc-pumps-capital-californian-154026168.html

@John Hjorth Was that you?!?

I'm pretty sure Buffett wants to keep on buying Oxy, so it's no surprise he didn't give a straight answer on it. Also, I'm pretty sure he intentionally telegraphed that Berkshire will not be purchasing Oxy outright to front run the arb's that would come in as the stake goes up. We'll see what happens.

I have a feeling the letter is getting shorter due to: 1) Nothing new to say as mentioned above by someone 2) Decreasing the expectations for Greg to write a long letter after Buffett leaves the scene

$1B was definitely disappointing, considering the increase to the cash pile. Munger has commented before that the buybacks have been too restrained, and I agree!

Second anniversary of this post. November 1, 2020 to November 1, 2022: Berkshire: $202.33 --> $294.13 45% Brookfield: $39.59CAD --> $54.55CAD 38% Fairfax: $350.24CAD --> $670CAD 91% The BAM and FFH numbers don't include dividends and not sure if BAM had any spinoffs during this time. Would be lovely if someone can post a total return graph including S&P500, or direct me to a site where I can obtain and post. Thanks. Fairfax clearly in the lead two years into the hypothetical ten year holding period. Will be interesting to see how this plays out in the coming years.

Check out the two interviews Tim Ferriss did with Edward Thorp this year. Thorp is 90, yet looks 60 and has reinvented himself multiple times. Lots of topics are covered, including aging, investing and as an added bonus a few Buffett anecdotes. I prefer transcripts, so here are the links: https://tim.blog/2022/05/28/ed-thorp-transcript/ https://tim.blog/2022/06/30/edward-o-thorp-2-transcript/

It's odd because Warren seemed sharp in the Charlie Rose interview. Perhaps it was edited and condensed? Took a quick reminisce tour through the CNBC annual meeting archive starting in 1994, and skipped every 5 years. Warren still seemed pretty sharp even last year. TBH it gives me pause as BRK is my largest holding. He has noted that the board will know when to take the keys away - but lets be honest - these people have adored and loved him for decades. They say an experience is not only valued on the whole but particularly based on how it ends. I hope my last impressions of the GREATEST OF ALL TIME are not what we saw today. I thought I would never say this, but perhaps it is time Warren retired. -CM

Clicking the blue dot located to the left of a topic should take you to the first unread post.

Berkshire, Constellation Software & Alphabet

Disagree with all of this. Nothing further to add. -CM

“The plan to create a publicly listed operating group made up of Topicus and TSS was a key part of our discussions with the Topicus founders. They didn’t want their legacy disappearing into the craw of an omnivorous conglomerate. While they knew that Topicus would have autonomy within Constellation, they also wanted identity. The public listing is expected to afford our Netherlands-based businesses a platform from which to celebrate their culture and achievements.” Why shouldn't Berkshire follow Constellation Software's lead by partially spinning off stakes in their major businesses? I re-read the 2019 annual this week (nearly all of it) in preparation for the release this weekend of the 2020 report. Nearly all of their non-insurance businesses with the exception of BHE have been pretty stagnant for a long time. What is their motivation to improve? A pat on the back from Buffett and Abel? What happens post WEB? At least when you have a public quotation their is some real feedback on how you are performing (or perceived to be performing), rather than being buried in some huge conglomerate. Look at PCC, their last major acquisition - it was a poor performer pre-covid and looks to be a train wreck. If it was publicly quoted, there would be some real time feedback on how they are performing. Conversely if a portion of GEICO was public over the past few decades it would have reinforced how well they have done. Humans respond to information (market quotes). Berkshire could still own a majority stake and of course consolidate results. I'm surprised that with all their expertise on incentives and psychology that WEB & CM have not tried this. I suppose on one level it would be an admission that the conglomerate structure is not always optimal. Mark Leonard has spoken on identity being lost the more an organization grows. "I'm an old dog, but I'm certain that they have new tricks to teach me" - Mark Leonard Will Berkshire eventually learn some new tricks? -CM